Carlton holds undeveloped land for investment. His adjusted basis in the land is $166,200, and the FMV is $277,000. On November 1, 2015, he exchanges this land for land owned by his son, who is 31 years old. The appraised value of his sons land is $268,000 with a basis of $250,000. SHOW WORK

a. Calculate Carltons realized and recognized gain or loss from the exchange with his son and on Carltons subsequent sale of the land to a real estate agent on July 19, 2016, for $329,500.

Recognized Gain on Exchange
Total Recognized Gain

b. Calculate Carltons realized and recognized gain or loss from the exchange with his son if Carlton does not sell the land received from his son, but his son sells the land received from Carlton on July 19, 2016. Calculate Carltons basis for the land on November 1, 2015, and July 19, 2016.

Recognized Gain on Exchange
Total Recognized Gain

Date	Carlton's Basis
Nov. 1, 2015
July 19, 2016